Beyond theory The write up by Ajay Shah about people who have shared nobel prize for economics

for this year was extremely insightful. The article makes it clear to a lay person what are the major contributions of all three economists who have shared the title. It was rightly pointed out in the article that the advent of three factor model co-invented by Fama brought a paradigm shift in the way empirical research is done in finance for the last two decades. It is high time that the importance attached by academicians to CAPM has to be shifted to three factor model. However, the article does not elaborate much on the evolution of three factor model. The contributions of Fama are special because he is the person behind three factor model. Anyway, thanks for such a simple but rich in content article.